Nearest listed expiration 2026-10-05 shows max pain at $78.00 (0.52 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$78.00
Nearest expiry
Expected Move
±$0.58
±0.8%
Days to Expiry
3
Calendar days
Total Call OI
53,461
Nearest expiry
Total Put OI
28,245
Nearest expiry
P/C OI Ratio
0.53
Put-heavy
Spot Price
$77.48
Published close
Consensus
9.0/10
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-10-05
Expiration
Max Pain Strike
Last Updated
2026-09-30
$78.00
9/30/2026, 11:30:25 PM
2026-10-02Updated
$78.00
10/2/2026, 11:27:16 PM
2026-10-05Next
$78.00
10/2/2026, 11:27:16 PM
2026-10-07
$78.50
10/2/2026, 11:27:16 PM
2026-10-09
$78.00
10/2/2026, 11:27:16 PM
2026-10-16
$80.00
10/2/2026, 11:27:16 PM
2026-10-23
$79.00
10/2/2026, 11:27:16 PM
2026-10-30
$80.00
10/2/2026, 11:27:16 PM
2026-11-06
$78.00
10/2/2026, 11:27:16 PM
2026-11-20
$82.00
10/2/2026, 11:27:16 PM
2026-11-30
$79.00
10/2/2026, 11:27:16 PM
2026-12-18
$82.00
10/2/2026, 11:27:16 PM
2026-12-31
$82.00
10/2/2026, 11:27:16 PM
2027-01-15
$85.00
10/2/2026, 11:27:16 PM
2027-02-19
$82.00
10/2/2026, 11:27:16 PM
2027-03-19
$82.00
10/2/2026, 11:27:16 PM
2027-03-31
$82.00
10/2/2026, 11:27:16 PM
2027-04-16
$82.00
10/2/2026, 11:27:16 PM
2027-05-21
$82.00
10/2/2026, 11:27:16 PM
2027-06-17
$85.00
10/2/2026, 11:27:16 PM
2027-06-30
$80.00
10/2/2026, 11:27:16 PM
2027-07-16
$82.00
10/2/2026, 11:27:16 PM
2027-08-20
$80.00
10/2/2026, 11:27:16 PM
2027-09-17
$80.00
10/2/2026, 11:27:16 PM
Selected expiration: 2026-10-05 at max pain $78.00.
TLT pain by strike for 2026-10-05 expiration
Strike
Call Pain
Put Pain
Total Pain
70
0
19665750
19665750
72
0
14016750
14016750
74
0
8400350
8400350
75
0
5784650
5784650
75.5
8400
4680400
4688800
76
16800
3720250
3737050
76.5
98700
2908200
3006900
77
180600
2155950
2336550
77.5
419200
1544650
1963850
78
724600
1042950
1767550
78.5
1514850
628400
2143250
79
2536000
316100
2852100
79.5
3813000
71850
3884850
80
5157850
13750
5171600
80.5
6882000
10100
6892100
81
8734600
6450
8741050
81.5
10695500
3300
10698800
82
12823650
150
12823800
82.5
15106900
0
15106900
83
17429250
0
17429250
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures
Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.
How traders use it
It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.
What can break it
Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.
The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.